Aviva (AV.)

Sector:

Insurance

Index:

FTSE 100

453.10p
   
  • Change Today:
    -7.70p
  • 52 Week High: 506.60p
  • 52 Week Low: 402.10p
  • Currency: UK Pounds
  • Shares Issued: 2,677.09m
  • Volume: 10,027,482
  • Market Cap: £12,130m
  • RiskGrade: 140

Aviva to cut 1,800 jobs as it looks to save ?300m over the next three years

By Michele Maatouk

Date: Thursday 06 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Aviva has announced plans to cut around 1,800 jobs as it looks to reduce expenses by £300m a year over the next three years.
In an investor update on Thursday, the insurer said the job cuts would be made across the group out of a total workforce of around 30,000. The company said it will try to keep redundancies to a minimum, for example through natural turnover.

Chief executive officer Maurice Tulloch said this was the "first step" in making the group "simpler, more competitive and more commercial".

"I am also determined to crack Aviva's complexity, an issue which has held back our performance for too long," he said. "Today's changes will begin to reduce complexity, cost, and duplication, enabling Aviva to be better at serving our customers and delivering stronger results for our shareholders.

"The sustainability and security of our dividend is paramount. We are focused on improving our performance to grow capital generation and cash-flow."

The insurer confirmed plans to manage its life and general insurance businesses in the UK separately, with the digital direct business integrated into UK general insurance. It has appointed Angela Darlington as interim CEO of UK Life and Colm Holmes as CEO of General Insurance.

Aviva also reiterated its commitment to a progressive dividend policy and debt reduction of at least £1.5bn.

It said trading in the year to date has been broadly consistent with 2018, with a weaker performance in savings and asset management partly offset by growth in Europe and Asia and progress on its turnaround in Canada.

Union Unite's Aviva officer, Andy Case, said: "The scale of this role reduction will be met with disbelief across the company.

"Unite have arranged urgent discussions with Aviva management in order to ascertain the rationale for cutting an already extremely stretched workforce. Unite has made it clear to management that the union will strongly challenge any attempt to make compulsory redundancies. Instead, any staff reductions must be found through volunteers, natural attrition, reducing reliance on contractors and redeployment."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Aviva Market Data

Currency UK Pounds
Share Price 453.10p
Change Today -7.70p
% Change -1.67 %
52 Week High 506.60p
52 Week Low 402.10p
Volume 10,027,482
Shares Issued 2,677.09m
Market Cap £12,130m
RiskGrade 140

Aviva Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
78.56% above the market average78.56% above the market average78.56% above the market average78.56% above the market average78.56% above the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Price Trend
26.66% above the market average26.66% above the market average26.66% above the market average26.66% above the market average26.66% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Income
91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Growth
66.26% below the market average66.26% below the market average66.26% below the market average66.26% below the market average66.26% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average

What The Brokers Say

Strong Buy 4
Buy 3
Neutral 7
Sell 1
Strong Sell 0
Total 15
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Aviva Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-24 11-Apr-24
Paid 17-Oct-24 23-May-24
Amount 11.90p 22.30p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 15,200 @ 453.10p
16:35 7,805 @ 453.10p
16:35 393 @ 453.10p
16:35 1,889 @ 453.10p
16:35 44,767 @ 453.10p

Aviva Key Personnel

CEO Amanda Blanc
CFO Charlotte Jones

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